eToro cryptoasset insider and analyst Simon Peters spoke to the public about the current situation digital assets like Bitcoin and Ether are going through, JPMorgan’s first DeFi operation, and Santander’s cryptocurrency transaction limitation in the UK. .
According to what has been said, andl Bitcoin during the last weeks and months has presented variations that have kept the crypto market attentive. Since the month of September, it had not managed to exceed USD 21,000, which it did last week in parallel with the breakdown of the stock correlation when it increased.
However, this was a see-saw situation since, initially, the week began with Bitcoin below USD 2,500 and then on Wednesday it was trading for less than USD 20,000 and thus gave a boost and reached USD 21,000 in weekend. Although it was not a lasting value due to the fact that it was back below $20,500.
Regarding Ether, the digital currency has been stable above USD 1,500 since the end of October, which implies that it is above the resistance range despite presenting a weakening on Wednesday of last week. Both Ether and Bitcoin share that last weekend they had a recovery in their price.
New milestone in the Ethereum roadmap
“The Scourge” the new milestone of the Ethereum roadmap revealed by Vitalik Buterin the founder of Ethereum. This milestone, after the merger, joins the previous ones, so now the Ethereum roadmap is made up of: The Surge, The Scourge, The Verge, The Purge and The Splurge.
“An issue was developed on the platform whereby miners who validate transactions on the network take advantage of other users’ transactions to earn money by duplicating winning trades.” Simon commented.
This led to the network receiving criticism related to the increase in centrality in the network when really Vitalik Buterin is currently in a situation in which he tries to return to the decentralization of the network, therefore, after the merger has occurred, a situation for which had stopped the process of the new milestone, however the developers have already resumed work on criticism and improve some basic principles of the network.
JPMorgan’s first DeFi operation
Through a public block chain, the JPMorgan bank carried out its first DeFi operation effectively. The bank used a pilot program from the Monetary Authority of Singapore (MAS) which is in the exploration stage within the DeFi ecosystem for a broader financial ecosystem.
“The operation is a milestone for DeFi. Engaging such major institutions is no mean feat and highlights the potential applicability across the financial sector. The transaction took place on Ethereum’s layer 2 network, Polygon, with a modified version of Aave’s smart contract protocols. The transaction included tokenized Singapore dollars and Japanese yen, with simulated buying and selling of tokenized government bonds,” Peters explained.
Limitation of crypto asset transactions in the United Kingdom
Santander of the United Kingdom made public its intention to limit users who carry out transactions through cryptocurrency platforms, this with the intention ofprotecting customers from fraud is well-intentionedPeters explained.
For Simon Peters, andThis action by Santander is a predictable and understandable matter Since, although the fight for the regulation of cryptocurrencies is active in the United Kingdom, banks do not have support for the protection of users who operate within this ecosystem.
And analyzing this situation from the point of view of risk management, Simon probes that “it may be that Santander has simply decided that it is easier to limit transactions altogether than to try to work with the sector. This will be resolved with the regulations, because it will create a framework in which all the parties can function. In particular, it has not prohibited crypto asset transactions, but has set financial limits, a more measured response.”
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